Vertical Storage Tank Market (2025 - 2030) Size, Share & Trends Analysis Report By API Standard (API 12F, API 650), By End-use (Upstream, Midstream),By Type, By Location, By Application (Crude Oil Storage, Refined Product Storage), By Region, And Segment Forecasts

Vertical Storage Tank Market Size & Trends

The global vertical storage tank market size was estimated at USD 3.38 billion in 2024 and is projected to grow at a CAGR of 6.7% from 2025 to 2030. The demand for vertical storage tanks is expected to rise steadily in the coming years, fueled by the expansion of the chemical, oil & gas, water treatment, and food processing industries.

As industrial infrastructure grows globally, the need for safe, space-efficient, and cost-effective storage solutions is driving adoption. In addition, stricter environmental regulations and the push for better containment and safety standards are prompting industries to upgrade or replace existing storage systems with more durable and compliant vertical tank solutions. Furthermore, innovations in tank materials, coatings, and manufacturing processes enhance durability, corrosion resistance, and operational efficiency of vertical storage tanks, making them more suitable for a wide range of industrial applications. This market growth is anticipated to be especially robust in regions such as Asia Pacific, North America, and Europe, where rapid industrialization, urban expansion, and infrastructure development are increasing the demand for efficient and long-lasting bulk storage solutions.

Drivers, Opportunities & Restraints

The rising demand for oil & gas storage and the growing needs of the chemical and petrochemical industries are key drivers propelling the vertical storage tanks market. As global energy consumption increases, oil & gas operators expand storage infrastructure to manage supply volatility and ensure operational continuity. Similarly, the chemical sector requires specialized vertical tanks to store a wide range of hazardous and non-hazardous substances, which aligns with strict regulatory frameworks. Other sectors, such as water and wastewater treatment, agriculture, and food & beverage processing, also contribute significantly to market growth, as they require durable, space-efficient, and compliant storage systems for essential liquids and materials.

Emerging opportunities arise from integrating smart technologies such as IoT-enabled sensors that provide real-time data on tank levels, temperature, and structural health. Developing lightweight, corrosion-resistant materials like fiberglass and composites enables longer tank life and lower maintenance costs, appealing to industries seeking sustainable solutions. Furthermore, growing emphasis on rainwater harvesting, sustainable water storage practices, and the energy transition toward biofuels and hydrogen creates new demand for specially designed vertical tanks. Expansion into agricultural, food processing, and renewable energy sectors further amplifies the market’s growth potential.

Despite this positive outlook, high initial investment and ongoing maintenance costs remain significant restraints, particularly for small and mid-sized enterprises. Customization requirements, transport logistics, and compliance with evolving safety and environmental standards can also challenge scalability and impact short-term profitability for manufacturers.

Type Insights

Tanks with a capacity of 501 to 700 barrels held the largest revenue share of over 39% in 2024, due to their broad applicability in medium to large-scale industrial operations. These tanks are extensively used in the oil & gas, chemical, and water treatment sectors, where robust storage solutions are required to manage increasing volumes of critical liquids and materials. Their capacity offers an optimal balance between space efficiency and storage needs, making them preferred for facilities with moderate-to-high throughput demands.

The 300-to-500-barrel segment continues to serve a significant market share, especially in agriculture, food processing, and smaller utility operations. These tanks are ideal for environments where space is limited but reliable, compliant storage is essential. Meanwhile, tanks ranging from 701 to 1,000 barrels are gaining popularity in high-volume applications, particularly in petrochemical and energy infrastructure, where large-scale, centralized storage is vital. As industries prioritize scalable and durable tank solutions, all three capacity segments are expected to grow steadily, driven by regulatory compliance and expanding industrial needs.

API Standard Insights

API 650 tanks held the largest vertical storage tanks market share of over 72% in 2024, due to their versatility, high-capacity design, and broad compliance with the safety and structural standards required across industries. These tanks are widely adopted in sectors such as oil & gas, chemical processing, water treatment, and power generation, where large-volume, aboveground storage is essential. Known for their ability to accommodate various pressure and temperature conditions, API 650 tanks are often the go-to standard for facilities prioritizing durability, regulatory adherence, and operational efficiency.

API 12F tanks, typically shop-fabricated and used in smaller-scale applications, also hold a considerable market presence. Due to their compact design and ease of transportation and setup, they are commonly deployed in upstream oilfield operations, remote installations, and agricultural settings. API 620 tanks, though more specialized, are increasingly used in applications requiring low-pressure storage, particularly for cryogenic and refrigerated services. These standards enable tailored storage solutions across various industrial needs, ensuring safety, longevity, and performance.

Location Insights

Aboveground storage tanks segment held the largest vertical storage tanks market share of over 90% in 2024. Aboveground storage tanks are the preferred choice across most industrial sectors due to their ease of installation, accessibility for maintenance, and cost-effective construction. These tanks are extensively used in oil & gas terminals, water treatment facilities, agricultural storage, and chemical plants. Their visibility and accessibility allow quicker inspections, easier modifications, and simplified monitoring, making them ideal for temporary and permanent installations across diverse environments.

While holding a smaller market share, underground storage tanks are primarily utilized in applications where land availability is limited or where environmental safety and aesthetics are prioritized, such as in urban fuel stations or facilities with strict zoning regulations. These tanks offer the advantage of minimal surface disruption and lower exposure to temperature extremes but require higher upfront investment and ongoing monitoring to prevent corrosion and leakage. Despite their niche usage, underground tanks remain critical for specific cases requiring discreet and secure storage solutions.

End-use Insights

Midstream segment held the largest vertical storage tanks market revenue share of over 49% in 2024, due to its critical role in transporting, storing, and managing crude oil, refined products, and natural gas between upstream production sites and downstream facilities. Vertical storage tanks are essential in this phase for holding large volumes of hydrocarbons at terminals, pump stations, and distribution centers. As global trade in energy commodities expands and pipeline infrastructure grows, the demand for scalable and compliant midstream storage solutions continues to rise.

Downstream applications, including refineries, petrochemical plants, and retail fuel outlets, represent a substantial portion of the market. Vertical tanks store refined fuels, chemicals, and finished products in this segment before final delivery to consumers or industrial users. Though smaller in share, upstream operations rely on vertical storage for managing produced fluids, temporary crude oil holding, and field-level chemical storage. Together, these End Use segments reflect the strategic importance of vertical tanks across the entire oil and gas value chain.

Application Insights

Refined product storage segment held the largest vertical storage tanks market revenue share of over 40.50% in 2024. Refined product storage tanks are widely utilized for storing refined petroleum products such as diesel, gasoline, jet fuel, and lubricants, with this segment holding the largest market share. The growing need for efficient fuel distribution, inventory management, and emergency stockpiling is driving the deployment of these tanks at refineries, distribution terminals, and commercial fuel depots. Their ability to safely store large volumes of volatile liquids and compliance with industry standards make them a crucial component of downstream infrastructure.

Crude oil storage also accounts for a significant portion of the market, particularly in upstream and midstream operations where reliable bulk storage is essential. These tanks are strategically placed near production sites and pipelines to manage supply fluctuations and ensure operational continuity. Meanwhile, chemical storage tanks are gaining traction due to rising demand in the chemical and petrochemical sectors, where safe containment of corrosive or hazardous substances is vital. As global energy demand and chemical processing capacity expand, all three application areas are expected to contribute to sustained market growth.

Regional Insights

The North America vertical storage tank market represents a strong industry, supported by a mature oil & gas industry and ongoing investments in midstream and downstream infrastructure. The U.S. and Canada continue to invest heavily in crude oil and refined product storage, while stricter environmental regulations drive demand for advanced chemical storage solutions. In addition, increasing adoption of rainwater harvesting systems and smart tank technologies in industrial and agricultural applications contributes to regional market growth.

U.S. Vertical Storage Tank Market Trends

The U.S. vertical storage tank market is experiencing steady growth driven by increasing demand in oil & gas, water treatment, chemical processing, and agriculture sectors, with trends favoring corrosion-resistant materials (fiberglass, stainless steel, and coated steel), modular and customizable designs, and compliance with stringent environmental regulations (EPA, OSHA). The rise in shale gas exploration, renewable energy projects (like biofuels and hydrogen storage), and wastewater management needs further propels market expansion, while technological advancements in leak detection, IoT-enabled monitoring, and eco-friendly coatings enhance operational efficiency and sustainability. Additionally, government investments in infrastructure upgrades and the push for above-ground storage tanks (ASTs) over underground options due to easier maintenance and lower contamination risks are key market drivers

Asia Pacific Vertical Storage Tank Market Trends

Asia Pacific held the largest vertical storage tanks market revenue share of over 35% in 2024, driven by rapid industrialization, expanding oil & gas infrastructure, and increasing chemical production in countries such as China, India, South Korea, and Indonesia. The region’s rising energy consumption and growing demand for water storage in urban and agricultural settings further support widespread adoption. Major investments in petrochemical projects, refining capacity, and infrastructure development in rural and semi-urban areas continue to fuel demand for high-capacity and durable storage solutions across various End Use sectors.

Europe Vertical Storage Tank Market Trends

The vertical storage tank market in Europe benefits from rising demand in the chemical, food processing, and renewable energy sectors. Countries such as Germany, France, and the UK prioritize sustainable water management and biofuel storage, enhancing the need for corrosion-resistant and eco-friendly tanks. Strict EU safety and environmental compliance regulations further accelerate the shift toward high-performance storage technologies.

Latin America Vertical Storage Tank Market Trends

The vertical storage tank market in Latin America is growing steadily, fueled by increasing oil production in Brazil, Argentina, and Colombia. Demand is also rising in the agricultural sector, where tanks are used for water storage, fertilizers, and pesticides. Expanding urban infrastructure and the need for efficient wastewater treatment systems are further driving demand across municipal and industrial projects.

Middle East & Africa Vertical Storage Tank Market Trends

The vertical storage tank market in the Middle East and Africa (MEA) is witnessing gradual growth, backed by oil-rich economies investing in downstream capacity and petrochemical expansion. In addition, rising water scarcity concerns are prompting governments and private entities to invest in water storage infrastructure. The region’s ongoing industrialization and focus on long-term energy diversification, including hydrogen and biofuel initiatives, are expected to support future demand for vertical storage tanks.

Key Vertical Storage Tank Company Insights

Some key players operating in the market include AGI Westeel, CST Industries, Highland Tank, and Superior Tank Co., Inc.. These companies are actively investing in product innovation, expanding fabrication capabilities, and pursuing strategic partnerships to address growing demand across oil & gas, chemical, water, and agricultural sectors. With an increased focus on compliance, durability, and sustainability, leading manufacturers are also exploring smart tank technologies and advanced materials to strengthen their market position and meet evolving industry standards.

Recent Developments

• In July 2024, AGI Westeel introduced a new ULC S601-certified vertical liquid storage tank at the Ag in Motion (AIM) expo in Saskatchewan, Canada. This tank, capable of storing up to 125,000 liters, is designed for large-volume storage of combustible liquids such as gasoline, diesel, biodiesel, and ethanol. The tank's corrosion-resistant powder coat finishes comply with provincial and national fire codes, ensuring safe and long-lasting storage solutions for various industries.

Vertical Storage Tank Market Report Scope

Global Vertical Storage Tank Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global vertical storage tank market report based on type, API standard, location, application, end-use, and region:

• Type Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • 300 barrels to 500 barrels

  • 501 barrels to 700 barrels

  • 701 barrels to 1,000 barrels

• API Standard Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • API 12F

  • API 650

  • API 620

• Location Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • Aboveground Storage Tanks

  • Underground Storage Tanks

• Application Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • Crude Oil Storage

  • Refined Product Storage

  • Chemical Storage

• End-use Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • Upstream

  • Midstream

  • Downstream

• Regional Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • Netherlands

    • Norway

    • France

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • Singapore

    • Australia

    • Malaysia

    • Indonesia

  • Latin America

    • Brazil

    • Argentina

    • Venezuela

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • Qatar

    • South Africa